just in in-tray
From: D
Sent: Mon, March 14, 2011 6:25:48 PM
Subject: Japan earthquake impact
Dear Partners,
We at xxxxxxx are saddened by the recent earthquake and tsunami in Japan. Thankfully, no one from our team in Tokyo was harmed, however our thoughts are with those whose lives have been affected by this historic, terrible disaster.
Phoenix’s investments are mainly in less affected areas, such as Tokyo, and according to reports from our asset managers, none of the Funds’ properties sustained serious damage. We had been in advanced sales negotiations for several Fund 3 assets in Tokyo, and we were about to receive offers for two of these properties. However, this may now be delayed due to market uncertainty. In spite of this, our investments are well-positioned, with many properties enjoying high cash on cash yields, which we had focused on growing. In addition, none of our Japanese assets faces refinancing pressure, with most assets having debt at least 3 years from maturity.
While the Bank of Japan has moved aggressively to stabilize the markets and shore up confidence, it is still too early to make a judgment on the overall impact of the earthquake on the Japanese economy. We will continue to monitor events as they unfold, and our thoughts are with those who have been affected by this tragedy.
Sincerely,
S and B |
